A flat tax (short for flat tax rate) is a tax system with a constant marginal rate, usually applied to individual or corporate income. A flat tax falls under proportional tax as they allow certain deductions. There are various tax systems that are labeled "flat tax" even though they are significantly different.
Read more about Flat Tax: Requirements For A Fully Defined Schema, Recent and Current Proposals
Famous quotes containing the words flat and/or tax:
“Man is a wingless animal with two feet and flat nails.”
—Plato (c. 427–347 B.C.)
“As a Tax-Paying Citizen of the United States I am entitled to a voice in Governmental affairs.... Having paid this unlawful Tax under written Protest for forty years, I am entitled to receive from the Treasury of “Uncle Sam” the full amount of both Principal and Interest.”
—Susan Pecker Fowler (1823–1911)